Nephros Inc.
NEPH Healthcare Medical Instruments & Supplies
Nephros Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.8 million, up 32.7% from fiscal 2024. In the quarter to June 2026, revenue grew 36.2%, EPS grew 450.0% and free cash flow fell 31.5%, each against the same quarter a year earlier.
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Nephros Inc. (NEPH) Altman Z-score
Nephros Inc.'s Altman Z-score for fiscal 2025 is −3.26, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −3.26 | 9.25 |
| FY2024 | −12.50 | (3.01) |
| FY2023 | −9.50 | 4.95 |
| FY2022 | −14.44 | (16.64) |
| FY2021 | 2.19 | (4.34) |
| FY2020 | 6.54 | 9.84 |
| FY2019 | −3.30 | 7.33 |
| FY2018 | −10.63 | 18.92 |
| FY2017 | −29.56 | 30.47 |
| FY2016 | −60.02 | (20.29) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.62 | — | 0.74 | |
| Retained earnings / total assets | (10.49) | — | −14.69 | |
| EBIT / total assets | 0.08 | — | 0.28 | |
| Market value of equity / total liabilities | 15.06 | — | 9.04 | |
| Sales / total assets | 1.38 | — | 1.38 | |
| Altman Z-score | Distress zone | −3.26 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −26.46 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| POCI Precision Optics Corp. compare | 0.6× |
| RVP Retractable Technologies, Inc. compare | 0.6× |
| ZTEKF Zentek Ltd. compare | −2.1× |
| NEPH Nephros Inc. | −3.3× |
| HBIO Harvard Bioscience, Inc. compare | −4.0× |
| BNGO Bionano Genomics, Inc. compare | −14.3× |
| MBOT Microbot Medical Inc. compare | −19.4× |
| MLSS Milestone Scientific, Inc. compare | −22.1× |
| DXR Daxor Corporation compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets